(Reuters) -Sonova Holding AG, the world’s biggest maker of hearing aids, reported first-half core profit above analysts’ expectations on Monday, citing a strong market recovery from the fallout of the coronavirus pandemic.
The Switzerland-based company said its adjusted earnings before interest, taxes and amortization (EBITA) hit 406 million Swiss francs ($442 million), above the 386 million francs expected on average by analysts in a company-provided poll.
“We were able to achieve sustainable efficiency improvements, resulting in a continued positive margin development and the ability to further step up our growth investments,” Chief Executive Officer Arnd Kaldowski said in a statement.
The pandemic initially hit hearing aid makers as restrictions and fears of infection deterred patients from seeing doctors or audiologists, but many have started to seek treatment again as they gained confidence in protective measures imposed in stores.
The company’s sales in April-September came in at 1.60 billion francs, 50% above last year, beating analysts’ estimate of 1.57 billion francs.
The group maintained its full-year targets, and still expects consolidated sales to increase by 24%-28% and adjusted EBITA to grow in the range of 34% to 42%.
($1 = 0.9193 Swiss francs)
(Reporting by Bartosz Dabrowski in Gdansk; Editing by Tom Hogue and Sherry Jacob-Phillips)
